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GoviEx Uranium is initiation arbitration proceedings with the ICSID Convention against the Republic of the Niger for revoking its mining permit for the Madaouéla project, blocking the development of one of the world’s largest uranium projects.to deprive GoviEx of its rights to the Madaouéla uranium project. The Niger Council of Ministers also issued three decrees withdrawing the mining permit and abrogating the decrees granting the permit.
While the company had attempted to settle its dispute with the state amicably, including through initiating a local administrative recourse before the Niger President, the state has shown no willingness to engage and reach an amicable settlement, GoviEx stated in a press release Monday. Shares of GoviEx Uranium traded flat on Monday at C$0.06 apiece, for a market capitalization of C$41 million . The stock had dropped to a 52-week low of C$0.05 earlier this year following the announcement of the permit withdrawal.With the recent recovery in uranium prices, the Madaouéla project was poised for development and the company had started to advance despite the political changes in Niger since the coup d’etat of July 2023.
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